Dubai Property Sales: New Regulations for Overseas Investors

Dubai property investors based overseas must now adhere to new guidelines when selling their units, particularly concerning Power of Attorney (PoA). Effective immediately, sellers are required to have UAE bank accounts to facilitate cheque clearances. Crucially, cheques will only be accepted in the name of the property owner, as listed on the title deed, and not in the name of any PoA.

This change aims to increase transparency in property transactions. Previously, it was common for investors to grant PoA to third parties, often relatives, to handle sales. Now, all payments must directly involve the seller named on the property's title deed. While a PoA can still represent the seller, especially during buying and selling processes, the payment itself must be made to the title deed holder.

The Dubai Land Department encourages overseas sellers to assign PoA status directly through Dubai courts, even remotely via platforms like Zoom. This shift streamlines the process, ensuring the seller's identity is central to the transaction. The Dubai property market continues to attract both local and international investors, with non-resident sales figures remaining strong.

This new policy clarifies payment procedures and reinforces the importance of direct involvement from the property owner in the sale process. This is a significant shift from the previous practice of issuing cheques in the name of the PoA holder.